Studies on the North Korean Monetary Economy in the Kim Jong-un Era
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Since 2014, North Korean authorities introduced the Socialist Corporate Responsible Management System, drastically expanding the enterprises’ autonomy and independency. Also, the authorities brought a large change to the monetary and financial system. They established commercial banks while reforming the National Payment system. Money supply through loans from the central bank was newly instituted as well. In addition, they set up a structure paying less to and receiving less from the government. The government permits corporate borrowing from households and encourages them to use rechargeable prepaid cards. Though limited, the North Korean economy is obviously based on a monetary economy. This paper approaches the North Korean economy by looking through the statement of the financial position of the economy entities, including the central bank and commercial banks. North Korea has fully started the market economy since Kim Jongun took office. The limitations of the monetary economy have been partly overcome. The importance of the commercial banks’ loan and the reserved profits of enterprises has been given more weight and the routes to create money have become diversified. Accordingly, the flow of money goes more smoothly and is more stable than before. The chance of deficit finance has been structurally established. Consequently, the North Korean economy after 2014 has taken a drastic step towards getting free from the ‘classical’ socialism.
Abstract
Since 2014, North Korean authorities introduced the Socialist Corporate Responsible Management System, drastically expanding the enterprises’ autonomy and independency. Also, the authorities brought a large change to the monetary and financial system. They established commercial banks while reforming the National Payment system. Money supply through loans from the central bank was newly instituted as well. In addition, they set up a structure paying less to and receiving less from the government. The government permits corporate borrowing from households and encourages them to use rechargeable prepaid cards. Though limited, the North Korean economy is obviously based on a monetary economy. This paper approaches the North Korean economy by looking through the statement of the financial position of the economy entities, including the central bank and commercial banks. North Korea has fully started the market economy since Kim Jongun took office. The limitations of the monetary economy have been partly overcome. The importance of the commercial banks’ loan and the reserved profits of enterprises has been given more weight and the routes to create money have become diversified. Accordingly, the flow of money goes more smoothly and is more stable than before. The chance of deficit finance has been structurally established. Consequently, the North Korean economy after 2014 has taken a drastic step towards getting free from the ‘classical’ socialism.
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